Brexit divorce ‘not amicable’ but must be quick: Juncker

(AP Photo/Matt Dunham). Nigel Farage, the leader of the UK Independence Party, reacts in celebration at a “Leave.EU” organization party for the British European Union membership referendum in London, Friday, June 24, 2016. Though by many accounts the greatest setback in European Union history, the British withdrawal may also offer an opportunity.

European Commission chief Jean-Claude Juncker said earlier that Britain’s planned departure from the European Union was “not an amicable divorce” and also called for it to be quick.

Britain’s European Commissioner Jonathan Hill announced Saturday that he will resign following the UK’s decision to leave.

He suggested his replacement would be in place by October. Pro-Leave MP Boris Johnson, London’s former mayor, is tipped as favourite to replace him.

President of the European Commission Jean Claude-Juncker speaks to media after consultations over Britain’s EU referendum at Commission headquarters in Brussels.

“We take note of the British people’s decision with regret”.

Scotland’s parliament held an emergency meeting Saturday.

The foreign ministers of Germany, France, Italy, Belgium, Luxembourg and the Netherlands were expected to consider how to deter other countries from following Britain’s example. But economic ties and “the free trade agreement in particular – will have to be redefined”. Militant Islamists took to the internet to applaud the British vote, with one saying it marked the “beginning of the disintegration of the Crusaders”.

Top European Union officials are hunkering down in Brussels trying to work out how to navigate uncharted waters after the shocking decision by British voters. The euro slid 2.0 percent against the US dollar.

Tokyo stocks plunged more than 7 percent and South Korea’s Kospi tumbled about 4 percent.

Investors put their cash in the safety of gold, which clocked up its biggest daily gain since the global financial crisis of 2008, ending Friday up 5.0 percent at $1,315 an ounce.

Britain also had its credit rating outlook downgraded from stable to negative by ratings agency Moody’s after the Brexit vote. Nearly half the lawmakers from his Conservative Party backed an European Union exit, and the “leave” campaign was led by potential leadership rivals, including former London Mayor Boris Johnson. A poll of economists by Reuters predicted Britain was likelier than not to fall into recession within a year. “Time for a Dutch referendum!” said Dutch firebrand Geert Wilders, chairman of the PVV party which is leading Dutch opinion polls.

The Daily Mail hailed it as a victory by “the quiet people of Britain” over an arrogant, out-of-touch political establishment and a contemptuous Brussels.

Britain has always been ambivalent about its relations with the rest of post-war Europe. The reporters waiting for hours to ask questions regarding the Britain referendum broke out into loud clapping to protest as Juncker left after taking only two questions.

There was also some speculation today that Britain’s opposition Labour party could also see a leadership spill.

Corbyn, accused by party critics of campaigning tepidly for its Remain stance, makes a speech on Saturday which will be closely watched by critical colleagues, two of whom issued a no-confidence motion to topple him on Friday.

The vote, the culmination of an often poisonous campaign, exposed deep divides across British society, including between what The Independent newspaper called “those doing well from globalisation and those “left behind” and not seeing the benefits in jobs or wages”.